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Emeren Group | 10-K: FY2023 Annual Report

SEC ·  Aug 1, 2024 18:06

Summary by Moomoo AI

Emeren Group reported financial results for fiscal year 2023, with revenue increasing 72% to $105.6 million from $61.3 million in 2022. The company achieved a gross margin of 23.7% but recorded a net loss of $3.2 million attributed to Emeren Group Ltd. The results fell below full-year guidance primarily due to delays in closing 6 project development sales in U.S. and Europe, which are now expected to close in 2024.During 2023, Emeren successfully monetized approximately 130 MW of solar projects and over 1 GWh storage projects. Key transactions included the sale of a 58 MW solar portfolio in Poland, a 410 MW battery storage system portfolio in Italy, a 53.6 MWp solar portfolio in Hungary, and an 11.5 MW solar project in Germany. The company also expanded its presence in Spain through the...Show More
Emeren Group reported financial results for fiscal year 2023, with revenue increasing 72% to $105.6 million from $61.3 million in 2022. The company achieved a gross margin of 23.7% but recorded a net loss of $3.2 million attributed to Emeren Group Ltd. The results fell below full-year guidance primarily due to delays in closing 6 project development sales in U.S. and Europe, which are now expected to close in 2024.During 2023, Emeren successfully monetized approximately 130 MW of solar projects and over 1 GWh storage projects. Key transactions included the sale of a 58 MW solar portfolio in Poland, a 410 MW battery storage system portfolio in Italy, a 53.6 MWp solar portfolio in Hungary, and an 11.5 MW solar project in Germany. The company also expanded its presence in Spain through the acquisition of an 86 MWp solar portfolio and grew its energy storage portfolio in China.The company implemented strategic cost control initiatives across U.S. and European operations to enhance efficiency. As of December 31, 2023, Emeren had a working capital of $169.5 million and maintained a strong project pipeline of approximately 3 GW across multiple markets. The Board approved an accelerated stock repurchase program of up to $10 million in February 2024, demonstrating confidence in the company's future growth.
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